Starting a business in Nigeria

Legal Forms of Companies

Private Limited Company (PLC)

Number of partners: Minimum two, maximum 50
Capital (max/min): At least 10,000 NGN and not less than 25% of the authorize share capital must be taken by the subscribers
Shareholders and liability: Limited to the shares

Public Limited Company (LTD)

Number of partners: Minimum two, ma
Capital (max/min): At least 500,000 NGN and the subscribers must take up at least 25% of the authorized share capital
Shareholders and liability: Limited to the shares

Company limited by guarantee (LBG)

Number of partners: Minimum two (and maximum fifty for private companies)
Capital (max/min): At least 10,000 NGN
Shareholders and liability: Limited to the shares

Unlimited company (UNLTD)

Number of partners: Minimum two (and max fifty for private companies)
Capital (max/min): At least 10,000 NGN for private companies and 500,000 NGN for state-run companies
Shareholders and liability: Joint, several and non-limited liability of the members or shareholders

Business Setup Procedures

Source: Doing Business - Latest available data.